Property Type

Pathway to Living Acquires 81-Unit Seniors Housing Community in Kentwood, Michigan

by Kristin Harlow February 20, 2018

KENTWOOD, MICH. — Pathway to Living has acquired the former Elmcroft of Kentwood, an 81-unit seniors housing community in West Michigan. The property is located at 4352 Breton Road Southeast, about nine miles southeast of Grand Rapids. Elmcroft Senior Living was the seller. The purchase price was not disclosed. Pathway to Living will manage the 54,387-square-foot property and rename it Azpira Place of Breton. The company also plans to upgrade interiors, add additional wellness-focused spaces and reconfigure select units. When the work is complete, the property will feature 69 assisted living residences and 12 memory care residences.

February 20, 2018

Illinois Midwest Multifamily

Magnolia Capital Purchases 270-Unit Apartment Building in Oak Park, Illinois

by Kristin Harlow February 20, 2018

OAK PARK, ILL. — Magnolia Capital has purchased Vantage Oak Park in Oak Park for an undisclosed price. Built in 2016, the 270-unit apartment building features a mix of studio, one- and two-bedroom units. Brian Eisendrath and Mike Bryant of CBRE arranged a 10-year Freddie Mac loan on behalf of Magnolia Capital for the acquisition. CBRE also brokered the sales transaction.

February 20, 2018

Midwest Minnesota Multifamily

Marcus & Millichap Arranges $1.4M Sale of Apartment Property in Mankato, Minnesota

by Kristin Harlow February 20, 2018

MANKATO, MINN. — Marcus & Millichap has arranged the sale of Hubbell Crossing in Mankato in southern Minnesota for $1.4 million. The 20-unit apartment building is located at 230 Hubbell Ave. Built in 1985, the property features two-bedroom units. Chris Collins, Dan Linnell, Josh Talberg and Mox Gunderson of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also secured the private buyer.

February 20, 2018

Illinois Midwest Office

RedShelf Inks 16,201 SF Office Lease in Chicago

by Kristin Harlow February 20, 2018

CHICAGO — RedShelf, a Chicago-based educational software company, has signed a 16,201-square-foot office lease at 500 N. Dearborn St. in Chicago. The firm had previously been subleasing 13,201 square feet on floors 12 and 13 at the same location. The new office space fosters a collaborative work environment for RedShelf. Christine Torres of Colliers International represented RedShelf in the lease transaction. Bob Zimmerman of Friedman Properties represented ownership.

February 20, 2018

Midwest Restaurant Retail Wisconsin

Panera Bread Signs 4,300 SF Lease in Manitowoc, Wisconsin

by Kristin Harlow February 20, 2018

MANITOWOC, WIS. — Panera Bread has signed a 4,300-square-foot lease in Manitowoc, about 40 miles southeast of Green Bay. The fast casual restaurant will occupy the space at 4626 Calumet St. Joe Kleiman and Dan Cohen of Mid-America Real Estate-Wisconsin LLC represented Panera in the lease transaction. The landlord was not disclosed.

February 20, 2018

New York Northeast Office Top Stories

Northwood Investors Acquires NYC Office Tower from Chinese Conglomerate for $305M

by Katie Sloan February 20, 2018

NEW YORK CITY — Northwood Investors has acquired the 1180 Avenue of the Americas building in Midtown Manhattan from Chinese conglomerate HNA Group for $305 million. The 23-story, 386,921-square-foot office tower was built in 1963, and offers 13,679 square feet of ground-floor retail occupied by tenants including Chick-fil-A and T-Mobile. The fully occupied office component of the property is home to anchor tenant Scripps Networks, which occupies 126,000 square feet at the building. The company’s lease is through November 2021. Jordan Roeschlaub and Dustin Stolly of NKF Capital Markets secured $237 million in financing for the acquisition of the property. The lender was RBC Royal Bank. Founded in 2006, Northwood Investors is a privately held real estate investment advisor. The company invests alongside institutional and private clients in a broad range of real estate globally, with approximately $7 billion worth of assets under management as of Jan. 1, 2018. Haikou, China-based HNA Group is a conglomerate involved in a number of industries, including real estate, tourism, finance and logistics. The company has approximately $145 billion worth of assets, over $90 billion in annual revenues and an international workforce of 410,000 employees globally. HNA has undergone financial struggles in recent months. Following …

February 20, 2018

Lancaster Pollard 2018 Seniors Housing and Care Survey

Features Multifamily Seniors Housing Top Stories

Lancaster Pollard Survey: 87 Percent of Seniors Housing Professionals Rate Industry as Highly Competitive

by Jeff Shaw February 20, 2018

COLUMBUS, OHIO — Increasing competition is becoming a larger and larger issue within seniors housing, as 87 percent of owners, operators developers and investors rate their local environment as either competitive or extremely competitive. That’s according to the 2018 Seniors Housing and Care Survey conducted by Lancaster Pollard. In December 2017, the Columbus-based real estate services firm sent an online survey to approximately 4,000 leaders at seniors housing and care facilities throughout the United States. Over the course of two weeks, 386 respondents completed the online survey. Out of the respondents, 62 percent were for-profit providers and 73 percent identified themselves as CEOs, CFOs or owners. The majority operated facilities with fewer than 250 units and all aspects of the continuum of care were represented. Generally, respondents reflected the belief that skilled nursing is going through trouble, with only 19 percent rating the outlook for the sector as “good” over the next three years. For comparison, 58 percent rated the assisted living outlook as “good,” and 55 percent said the same for continuing care retirement communities (CCRCs). Other major finds of the survey include that 82 percent of respondents cited a shortage of workers as a key concern over the …

February 20, 2018

Retail Texas

Rubicon Begins Work on 45,000 SF Retail Center in Metro Houston

by Taylor Williams February 19, 2018

SUGAR LAND, TEXAS — Rubicon Realty Group LLC has begun work on The Crossing at Telfair, a 45,000-square-foot retail center located at the intersection of State Highways 6 and 90 in the southwestern Houston metro of Sugar Land. Tenants will include H-E-B, Jersey Mike’s, Whataburger, Navy Federal Credit Union and AT&T. Delivery is slated for this fall.

February 19, 2018

Retail Texas

Marcus & Millichap Brokers Sale of 13,562 SF Retail Property in Magnolia, Texas

by Taylor Williams February 19, 2018

MAGNOLIA, TEXAS — Marcus & Millichap has brokered the sale of a 13,562-square-foot retail property located at 32818 Tamina Road in Magnolia, about 45 miles northeast of Houston. The property had a listing price of approximately $2.5 million. David Fisher and Thomas Costello of Marcus & Millichap represented the seller, a limited liability company, in the transaction. Other terms of sale were not released.

February 19, 2018

Loans Multifamily Texas

BMC Capital Arranges $4.1M Refinancing of 148-Unit Apartment Asset in Killeen

by Taylor Williams February 19, 2018

KILLEEN, TEXAS — BMC Capital has arranged a $4.1 million loan for the refinancing of a 148-unit multifamily community in the central Texas city of Killeen. The 10-year loan features an interest rate of approximately 5 percent and a 30-year amortization schedule. Keith Van Arsdale of BMC Capital arranged the loan through an undisclosed agency relationship. The name of the property and borrower were also withheld.

February 19, 2018

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